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The 25th GST council meeting was held on 18th January, 2018 in New Delhi. The following recommendations have been made by the GST Council:

Reduction in Penalty fees:

The penalty of late filing fee of GSTR-1, GSTR-5 and GSTR-5A has been reduced to fifty rupees per day and twenty rupees per day for nil return.

Cancellation of GST Registration obtained after July 1, 2017

Taxable person who have obtained voluntary registration will now be permitted to apply for cancellation of registration even before the expiry of one year from the effective date of registration.

Cancellation of GST Registration for Migrated Taxpayers

For migrated taxpayers, the last date of filing GST REG-29 for cancellation of registration is being extended by further three months till 31st March, 2018.

Introduction of e-Way bill

The Government has begun rolling out the e-Way bill mechanism on a trial basis through ewaybill.nic.in. Once fully operational, the e-Way bill system will start functioning on the portal ewaybillgst.gov.in.

The Government expects to roll out a nationwide GST e-Way bill system for interstate movement of goods from February 1, 2018 and for intrastate on later than June 1, 2018.

Changes in rates of various goods

Rate reduced from 28% to 18%

§Old and used motor vehicles [other than medium and large cars and SUVs] on the margin of supplier, subject to the condition that no input tax credit of central excise duty/value added tax on GST paid on such vehicles has been availed by him.

§Buses, for use in public transport which exclusively run on bio-fuels.

Rate reduced from 28% to 12%

§All types of old and used motor vehicles [other than medium and large cars and SUVs] on the margin of the supplier of subject to the condition that no input tax credit of central excise duty/value added tax or GST paid on such vehicles has been availed by him.

Other than this, exemptions are provided in case of many services like services by way of fumigation in a warehouse of agriculture produce, services by way of providing information under RTI Act, 2005 etc, will read this in detail in our next blog.

In case of any query, feel free to write at payaldang@startupbuddy.co.in.